Upfront Expenses for Inspections & Appraisals
Your lender may collect a fee from you at the time of application for the application and appraisal. These fees are described below. Also, once you are under contract – it is always a good idea to hire a qualified home inspector to make you aware of any issues with the home that may require repair.
Home inspection: Before you close the deal on your home, you should have it inspected by a professional. This will protect you from buying a home with serious problems that require expensive repairs.
You can choose whatever home inspector you would like. If you don’t have a trusted inspector, ask your agent who they recommend. He or she most likely has trusted inspectors and would be happy to refer to you. If you’d like to know more, here’s a video all about home inspections.
Typical cost to hire inspector: $350-$500 (Cost does depend on size of home inspected)
Appraisal Fee: This covers the cost of an appraisal– an assessment of the home’s value that assures the lender that the home is worth as much as you’re borrowing and spending to purchase it. Keep in mind that the majority of lenders collect this appraisal fee from you upfront at the time you apply for your loan.
You do not have control over which appraiser is selected to appraise your home. The appraisal has to be performed by a neutral party that is randomly selected out of a rotation of appraisers that their system has identified as delivering accurate, objective and timely appraisals. If you’d like to know more, here’s a video all about appraisals.
Typical cost: $350 – $500 depending on home and local market
Want more homebuying advice? Nestiny is a great place for homebuyer education and to help you gauge how ready you are to buy a home. Journey Homeward allows you to enter all of your wants and needs while the True Affordability Tool will break down your budget, showing what you can comfortably afford. You will also receive a free Ready Report that is personalized based upon the information that you entered. This report will give you a vital head start in the home buying journey, saving you valuable time and money.
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